“Though they did not instantly grasp the ultimate significance of the money market fund, Brown and Bent understood completely that they were making the first real assault on Regulation Q. Here is Henry Brown describing the moment of epiphany: “It was a frustrating time,” he wrote in an unpublished chronicle, of their disastrous first two years in business. (“Bent calculated that the proprietor of the hot dog stand at the corner of Sixth Avenue and 53rd Street was making twice as much money as either of them.”) In a moment of desperation, Bent one day asked Brown:”